Zoetis
ZTS · NYSEPharmaceutical Preparations · Fiscal year ends Dec 31
Zoetis reported revenue of $9.5B in the fiscal year ended Dec 2025, up 2.3% from the year before. Net income was $2.7B. Operating cash flow of $2.9B less capital expenditure of $621M left free cash flow of $2.3B. Net debt was $6.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8B | $8.1B | $8.5B | $9.3B | $9.5B |
| Cost of revenue | $2.3B | $2.5B | $2.6B | $2.7B | $2.7B |
| Gross profit | $5.5B | $5.6B | $6B | $6.5B | $6.8B |
| Selling, general & admin | $2B | $2B | $2.2B | $2.3B | $2.4B |
| Interest expense | $224M | $221M | $239M | $225M | $222M |
| Pre-tax income | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B |
| Income tax | $454M | $545M | $596M | $637M | $687M |
| Net income | $2B | $2.1B | $2.3B | $2.5B | $2.7B |
| Diluted EPS | 4.27 | 4.49 | 5.07 | 5.47 | 6.02 |
| Diluted shares | 477M | 470M | 462M | 455M | 444M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $3.6B | $2B | $2B | $2.5B |
| Receivables | $1.1B | $1.2B | $1.3B | $1.3B | $1.4B |
| Inventory | $1.9B | $2.3B | $2.6B | $2.3B | $2.5B |
| Current assets | $6.9B | $7.5B | $6.3B | $6B | $6.8B |
| Net PP&E | $2.4B | $2.8B | $3.2B | $3.4B | $3.7B |
| Goodwill | $2.7B | $2.7B | $2.8B | $2.7B | $2.8B |
| Total assets | $13.9B | $14.9B | $14.3B | $14.2B | $15.5B |
| Payables | $436M | $405M | $411M | $433M | $445M |
| Deferred revenue | $12M | $14M | $11M | $18M | $16M |
| Current liabilities | $1.8B | $3.2B | $1.9B | $3.4B | $2.2B |
| Short-term debt | $0 | $1.4B | $0 | $1.4B | $0 |
| Long-term debt | $6.6B | $6.6B | $6.6B | $5.2B | $9B |
| Total liabilities | $9.4B | $10.5B | $9.3B | $9.5B | $12.1B |
| Shareholders' equity | $4.5B | $4.4B | $5B | $4.8B | $3.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $1.9B | $2.4B | $3B | $2.9B |
| Capital expenditure | $477M | $586M | $732M | $655M | $621M |
| Free cash flow | $1.7B | $1.3B | $1.6B | $2.3B | $2.3B |
| Depreciation & amortisation | $448M | $465M | $491M | $497M | $487M |
| Stock-based compensation | $58M | $62M | $60M | $74M | $83M |
| Share buybacks | $743M | $1.6B | $1.1B | $1.9B | $3.2B |
| Dividend per share | 1.07 | 1.35 | 1.56 | 1.80 | 2.03 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.9% | 5.7% | 8.3% | 2.3% |
| EPS growth (YoY) | – | 5.2% | 12.9% | 7.9% | 10.1% |
| Gross margin | 70.4% | 69.6% | 70.0% | 70.6% | 71.8% |
| Net margin | 26.2% | 26.2% | 27.4% | 26.9% | 28.2% |
| Return on equityBlank when equity is negative | 44.8% | 48.0% | 46.9% | 52.1% | 78.3% |
| Free cash flow margin | 22.3% | 16.4% | 19.0% | 24.8% | 24.1% |
| Cash conversion (CFO ÷ net income) | 1.09x | 0.90x | 1.00x | 1.19x | 1.09x |
| Receivable days | 53 | 55 | 56 | 52 | 54 |
| Inventory days | 305 | 349 | 365 | 310 | 337 |
| Payable days | 69 | 60 | 59 | 58 | 61 |
| Debt ÷ equity | 1.45x | 1.79x | 1.31x | 1.38x | 2.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.1B | $4.3B | $4.5B | $4.6B | $6.6B |
| Current ratio | 3.86x | 2.37x | 3.36x | 1.75x | 3.12x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.